TradingKey – On November 4, Seagate Technology (STX) shares extended their recent correction, closing down 8.13% at $557.06 on volume of approximately 6.7 million shares. Compared with its nearly two-month high of $946.36 in October, STX has posted a cumulative drop of nearly 40%. On the same day, Micron fell 7%, and storage stocks such as Western Digital and SanDisk also weakened noticeably, leaving the sector as a whole still in a correction phase.

Recent sentiment in the storage sector has been weighed down by several industry developments. In late October, although Samsung Electronics reported strong chip profits, its earnings and shareholder return plan failed to further exceed elevated market expectations, leading to a notable…